NSW senator Andrew Bragg proposed the formation of the dedicated Senate committee and it was passed in Parliament yesterday.

The committee will examine how fintech and regtech can benefit Australian consumers and businesses and will report back to the Senate in October 2020.

In a statement, the FPA noted the committee is a recognition of the critical roles fintech and regtech play in delivering affordable, high-quality financial advice to Australian consumers.

FPA chief executive Dante De Gori said fintech is already playing an important role in the evolution of the financial planning profession and the Australian economy.

“According to ​FinTech Australia​ there are over 400 fintech businesses across Australia already and the industry is growing rapidly, so this is an important acknowledgement of an existing and future reality,” Mr De Gori said.

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“Fintech can help financial planning professionals deliver more affordable and accessible high-quality advice to Australian consumers, but it’s important that regulations keep up with the new technology.

“It is great to see Senator Bragg and his Senate colleagues recognise this developing area and pay it the attention it deserves. The committee has our full support, and we welcome any invitation to provide input on behalf of our members.”

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.